The present invention relates to a system, method and apparatus for processing coupons and more particularly to a system, method and apparatus for facilitating the verification and settlement of coupons. The present invention relates to a booklet and a system therefor for processing information relating to discounts of items listed therein.
Coupons are used by a large number of people to obtain discounts on a variety of products, such as food items. Such coupons may be presented to a retailer by a customer at the time of sale. The retailer may send the coupons to a clearinghouse which is operated by a clearinghouse corporation where valid coupons are identified. The valid coupons are sent to the manufacturer who redeems the retailer for the discount.
Retailers are typically short-changed by accepting coupons. To explain, retailers essentially lose money on each discounted item and count on being redeemed. Unfortunately, the clearinghouse all too often mishandles the coupons which leaves the retailers unreimbursed. When it is considered that retailers accept volumes of coupons each week, it will be immediately recognized that lost income due to coupon-mishandling costs the retail industry huge sums each year.
Manufacturers often lose money when, for example, the cashier or the store submits more coupons than entitled. Sometimes this is done intentionally in order to defraud the manufacturer. Worse, by the time the manufacturer discovers the fraud the culprit has long absconded.
Consumers find coupons to be more hassle than their worth. Detached or detachable coupons are unkempt and clutters one's pockets or pocket book. Moreover, coupons are unorganized and it is difficult to find the desired coupon when needed such as when checking out. The disorganized nature of coupons also makes it difficult to keep track of valid coupons such as coupons which have not expired.
What is needed is a system which facilitates the verification and settlement of coupons.